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January 25, 2015

January 25, 2015

Posted by **Mare** on Sunday, November 28, 2010 at 1:26pm.

Loan is $26,000.00

Down payment is 5,000.00

11% for 36 months

- math -
**Henry**, Monday, November 29, 2010 at 2:02pmPt = Po*r*t / (1 - (r + 1)^-t).

Pt = Principal after time t(36 mo.).

Po = Inital Loan amount.

r = (APR / 12) / 100 = (11/ 12 ) / 100 = 0.009167 = Monthly percentage rate

expressed as a decimal.

t = Length of loan in months.

Pt = (26000 * 0.009167 * 36) / (1 -(1.009167)^-36 = 8580.31 / 0.2800 = 30643.96.

Monthly payments = 30643.96 / 36 = 851.22

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